Sam Bankman Fried diverted customer funds from FTX to Alameda

FlavienNovember 10, 2022

Less than a minute

Sam Bankman Fried diverted customer funds from FTX to Alameda

According to an earlier report from Reuters, Sam Bankman Fried used $4 billion in FTX funds in order to recoup some of Alameda’s losses from earlier this year. Sources say part of those funds were customer deposits, but the value has not been adetermined.

Alameda had major losses after the collapse of the Terra ecosystem, Sam Bankman-Fried was hoping to save his trading firm by funneling funds from the exchange to the trading firm.

Stay ahead of the game with our Crypto News.
Boost your knowledge about Crypto with our Crypto Encyclopedia.

Flavien

Greetings, I go by the name of Flavien - a devoted supporter of cryptocurrency and a tech aficionado who has been keeping track of the developments in the world of blockchain and digital currencies since 2019. The potential of decentralized digital currencies to revolutionize our financial systems has captivated me, and I'm constantly exploring the most recent trends and advancements in this ever-evolving industry. As a content creator for Krypto Channel, my aim is to deliver informative and engaging articles that shed light on all aspects of the crypto world. Whether you're a seasoned investor or simply curious about blockchain technology, I am here to keep you updated on the latest happenings and trends. Being part of this lively and dynamic community is an honor, and I am thrilled to share my passion for cryptocurrency and blockchain with all of you.